[Asia Economy New York=Special Correspondent Joselgina] The number of job postings by U.S. companies in August sharply declined. Analysts say this indicates growing signs of cooling in the labor market.
According to the U.S. Department of Labor's JOLTs (Job Openings and Labor Turnover Survey) on the 4th (local time), job postings by companies in August decreased by about 10%, from 11.17 million in the previous month to 10.053 million. This figure also fell short of market expectations (11.1 million). It is the first time since the early days of the COVID-19 pandemic that monthly job postings have dropped by nearly 1.1 million.
By sector, hiring particularly decreased in healthcare, retail, and other service industries. Local media evaluated that this trend coincides with the slowdown in job growth in August. The number of jobs added in August was 315,000, significantly down from 526,000 in the previous month.
Although still historically high, the Federal Reserve's aggressive tightening measures have led to growing signs of cooling in the labor market.
Julia Pollack, Chief Economist at JobRecruit, conveyed the sentiment that "this downward trend will continue, especially in industries sensitive to inflation, stock price declines, and economic contraction." Steven Stanley, Chief Economist at Amherst Pierpont, said, "The labor market is not cooled yet, but it seems to have started moving away from a boiling state," evaluating this as one of the first signs of labor market cooling.
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